Corporate Governance Country Assessment : Russian Federation
This report assesses Russia's corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate...
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| Format: | Economic & Sector Work |
| Language: | English en_US |
| Published: |
Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2013/06/23960727/russian-federation-report-observance-standards-codes-rosc http://hdl.handle.net/10986/21422 |
| Summary: | This report assesses Russia's
corporate governance policy framework. It highlights recent
improvements in corporate governance regulation, makes
policy recommendations, and provides investors with a
benchmark against which to measure corporate governance in
Russia. Corporate governance has been a major policy issue
in Russia since the beginning of its transition to a market
economy. The privatization process of the early 1990s was
put in place before most elements of the corporate
governance and investor protection framework, and there were
many widely publicized abuses, leading to very low asset
prices. Most observers agree that the corporate governance
environment has improved in recent years as the government
has enhanced the legal and policy framework, and key
institutions have grown in sophistication and maturity. Many
major Russian companies have also voluntarily improved their
financial and ownership transparency. A number of reform
initiatives are currently underway. The report (and this
summary) is organized into four sections: i) the commitment
of the public and private sectors to reform; ii) shareholder
rights; iii) disclosure and transparency; and iv) Boards of
Directors. Policy recommendations are developed in detail at
the end of each section. The report also includes a special
annex that details the reform agenda focusing on related
party transaction approval and disclosure, based on the
approach of the Protecting Investors indicator developed in
the World Bank's Doing Business report. |
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